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Agreement signed to sell shares in Wałbrzyskie Zakłady Koksownicze “Victoria” S.A. in Wałbrzych

On 5 October 2011, the State Treasury Minister signed an agreement with Jastrzębska SpółkaWęglowa S.A. with its registered office in Jastrzębie-Zdrój providing for the sale of an 85% stake held by the State Treasury in Wałbrzyskie Zakłady Koksownicze “Victoria” with its registered office in Wałbrzych.

The agreement is conditional. The title to the shares will be transferred after JSW S.A. obtains a decision from the President of the Office for Competition and Consumer Protection permitting the concentration. The value of the transaction is PLN 413.9 million.

The agreement also includes the Investor’s commitment to make investments in the Company worth at least PLN 220 million within 60 months from the date of completing the transaction.

The Investor and representatives of the employees also signed a Social Benefits Package containing, among other provisions, guarantees of continued employment in the Company for the employees.